To his supporters
Mark Steinert
, the new head of
Stockland
, is something of a wunderkind of the Australian listed real estate industry. In the early 1990s he was one of four hotshot UBS bankers and advisers who presided over a multitude of initial public offerings that speeded the sector’s transformation from a sleepy backwater with market capitalisation of around $10 billion into a $100 billion industry at the peak of the credit bubble in 2007.

Steinert was in research, giving analysis as well as marketing assistance to the bank’s clients. As one of his former colleagues pointed out, the Chinese walls “weren’t quite as sturdy" back then and he conceded there “would have been a lot of conflict". But he said “Mark is the sort of guy you trust".

On a conference call last week, Steinert was eager to point up his achievements over that period, claiming he “helped list and helped grow" many of today’s vehicles.

Those alongside him then – and the golden circle included Andrew Pridham, now of Moelis & Co, John Carter who runs his own boutique advisory outfit and Richard Hunt of Fortstreet Advisors – are now hailed as pioneers of the property securitisation industry.

One source close to the UBS four pointed out it would have been an “extraordinarily lucrative time" for the bank as the catastrophic property crash at the start of that decade unleashed a “massive reallocation of capital from unlisted into listed trusts".

Pridham and Hunt remain two of the most influential players in the industry. Yet for a new generation Steinert is an anonymous anomaly.

In a recent research note CLSA analyst John Kim warned the elevation of the former UBS head of research to the top job at Stockland will prolong the company’s transition phase.

He said “Mark has been out of Australia for seven years, during which time the A-REIT, residential, retail and investor markets have changed significantly, possibly structurally." He added that “managing a team of research analysts requires a different skill set than a developer: The business model, relationships and risk-reward decisions are vastly dissimilar."

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Yet a seasoned fund manager for one of the country’s largest institutions, who preferred to speak anonymously, countered that Steinert’s appointment “made complete sense". He stressed his stint out of the country means he “is a clean skin", since he avoided the excesses and controversies of the pre- and post-financial crisis era.

He pointed out that had Steinert not moved to New York after his promotion in the Swiss bank to global head of equity research, there would have “been a big question mark for me" over his ability to lead “big teams of people".

Yet one investment banker, who also preferred to speak on the basis of anonymity, argued that “from a management perspective, the employees of an investment bank are a completely different breed to those in a property company".

Despite varying views on Steinert’s suitability, few doubt his ability to turn around Stockland’s fortunes. A former colleague said that “Mark does his homework and when he says something is doable, it is doable."

One deal persistently held out as an example of his perspicacity is the listing of Westfield’s US assets in Australia. Most in the market were sceptical about the idea, due to the lacklustre performance of the group’s earlier US listing, but it turned out to be a runaway success.

Another colleague recalled that Steinert’s views were highly valued among many early players, and said
Goodman Group
’s Greg Goodman would often beat a path to his door.

However, Steinert’s ascension on the UBS research ladder has prompted concerns over his ability to come to grips with the problems afflicting Stockland’s mammoth development pipeline.

Similar charges have been levelled at
Sue Lloyd-Hurwitz
, Steinert’s counterpart at Mirvac, selected primarily for her global funds management experience.

The new Stockland boss was keen to talk up his direct property experience to investors last week, emphasising the first eight years of his career were primarily spent at Jones Lang la Salle. He started off in the real estate agency’s Adelaide office, where he struck up a friendship with Andrew Pridham.

Steinert’s last role at UBS as its head of product development and management for its global asset management division has been cast by some as a sideways move, but a former colleague said he jumped at the Stockland job, partly because of his desire to educate his four daughters in Australia.

Steinert takes over the reins on January 14. The company’s share price has slipped by close to 1 per cent to $3.40 since he was appointed to the role.